Loading
Loading
San Mateo sits in the heart of Silicon Valley, where median home prices regularly exceed $1.5 million. VA loans let eligible veterans compete here without the 20% down payment conventional buyers need.
The Fed signals rate cuts later this year, which could ease monthly payments. For now, VA loans still offer the strongest purchasing power for service members in this expensive county.
Most San Mateo sellers prefer all-cash offers, but a strong VA pre-approval from a broker with lender relationships can level the field. Speed matters in multiple-offer situations.
VA Loans in San Mateo
You need a Certificate of Eligibility from the VA, which takes 1-3 weeks through your lender. Active-duty members with 90 days of service qualify, as do veterans with 24 months of service.
Credit requirements start at 620 for most lenders, though some accept lower scores. Your debt-to-income ratio can go up to 50% with strong compensating factors like cash reserves.
There's no maximum loan amount for VA loans. In San Mateo County, you can finance a $2 million home with zero down if your income supports it.
Local decision guide
Use this guide to connect va loans eligibility, lender expectations, and local market factors before comparing payment options in San Mateo.
San Mateo sits in the heart of Silicon Valley, where median home prices regularly exceed $1.5 million. VA loans let eligible veterans compete here without the 20% down payment conventional buyers need.
The Fed signals rate cuts later this year, which could ease monthly payments. For now, VA loans still offer the strongest purchasing power for service members in this expensive county.
Most San Mateo sellers prefer all-cash offers, but a strong VA pre-approval from a broker with lender relationships can level the field. Speed matters in multiple-offer situations.
Not all wholesale lenders price VA loans the same in high-cost areas. We compare rates across 200+ lenders to find who's competitive in San Mateo County that week.
Some lenders cap VA loans at $1 million even though the program allows more. Others add overlays on credit scores or reserves that the VA doesn't actually require.
The VA funding fee runs 2.15% for first-time users with zero down, but it gets financed into the loan. Disabled veterans pay no funding fee at all.
San Mateo sellers often receive multiple offers within days. A VA pre-approval letter needs to show your Certificate of Eligibility is already in hand, not pending.
We've closed VA loans here in 18 days when the appraiser moved fast. The VA appraisal process adds 5-7 days compared to conventional, but it's worth the trade-off for zero down.
If the home needs repairs, the VA appraiser may flag them. Sellers in San Mateo rarely agree to fix things, so you'll need to negotiate price reductions or bring repair money to closing.
FHA loans require 3.5% down plus monthly mortgage insurance. On a $1.5 million San Mateo home, that's $52,500 down plus $750/month in PMI you'll never eliminate.
Conventional loans with 5% down need PMI until you hit 20% equity. In this market, that could take a decade. VA loans skip PMI entirely, saving you $500-900 monthly.
Jumbo loans demand 10-20% down and reserve requirements most veterans don't have. VA financing works better unless you have $200,000+ sitting in the bank.
San Mateo County has strict energy efficiency rules that trigger VA appraisal requirements. Older homes often need updates to meet VA minimum property standards.
Condo financing works differently with VA loans. The complex needs VA approval, and many San Mateo buildings haven't bothered getting it. We check this before you write an offer.
Property taxes here run 1.2-1.3% of purchase price annually. On top of your mortgage, you're looking at $18,000+ yearly in taxes, which affects your debt-to-income ratio.
Yes, if your income supports the payment. VA loans have no maximum amount, though lenders verify you can afford the full debt load.
They do when you're pre-approved with your COE in hand and can close in under 25 days. Strong financing beats weak all-cash offers here.
You can renegotiate the price, bring extra cash to cover the gap, or walk away. We see this less in San Mateo than in overheated markets.
Expect 1-1.5% of loan amount, though sellers can pay up to 4% of your costs. On a $1.5M loan, that's $15,000-22,500 unless negotiated.
Only if it meets VA minimum property standards at closing. Major repairs need completion before funding, or you'll need a renovation loan product.
No. Veterans with any service-connected disability rating pay zero funding fee, saving 2.15% on the loan amount at closing.